2 Strategies for Quick Cash in Your Wellness Practice
Do you miss out on money-making opportunities that are right in front of you? Learn some simple, effective marketing techniques to jumpstart your income while you’re implementing long-term strategies that allow you to serve more people and make more money.
Whether you need a shot of cash for a crisis or extra money to invest in your business, there are several simple ways to quickly bring money into your practice – and your pocket! Here are two ideas to get you started and quickly bring in extra money:
Jumpstart Strategy #1. Increase Your Fees
Here is an obvious way to make some extra money quickly – simply raise your fees. Don’t worry about losing clients. Just don’t do it frequently and be careful not to spring the fee increase on your clients unannounced! Announce it 4-6 weeks in advance. Even if you tell some clients in person, put it in writing via email, postal mail, flyer and/or phone message to inform your entire client base of the upcoming change in your fees.
Give everyone at least 2 reminders of the fee change. With each notice, include something positive to ease their pocketbook pain – a bonus, gift or amenity – something that supports your work with added value for the client, with little cost or time for you. In your announcements, lead with the bonus offer, followed by the fee increase.
Now… here’s where the fun begins for quick money! With the announcement, offer clients a treatment package – a chance to prepay for a series of sessions at the current fee before your rates go up. Emphasize that it’s a limited-time offer, to get people to act quickly, instead of “thinking about it.” Use an expiration date on the package so they don’t take months or years to use it up. Use this prepay strategy only if they buy a series, not for single sessions.
This is the quickest and most obvious way to make more money quickly. The first time I used this strategy, I made an extra $3500 in one week, as my clients scrambled to take advantage of the special offer to prepay for as many sessions as they wanted!
Jumpstart Strategy #2: The Update Letter
Meet your new BMFF – Best Marketing Friend Forever! The Update Letter is commonly known in marketing circles as a Warm Letter of Introduction – meaning warm and friendly, as opposed to formal and businesslike. From now on, in promoting your practice, you will use this marketing tool frequently in 3 basic ways:
1. An introductory letter for new clients, supporters and referral sources;
2. A keep-in-touch strategy to maintain regular, consistent contact with your referral sources;
3. To boost your income when you need a quick cash infusion, as follows:
Send your Update Letter to everyone you know – everyone! If this seems overwhelming, just keep at it with 5-10 letters a week, until you’ve contacted everyone on your list.
Then make sure you follow up and call the person to set up a meeting.
The Update Letter is not a one-time project. The idea is to maintain consistent contact with people in your network, with fresh news each time – on your progress, new services or products, a client testimonial, an article of interest. Monthly contact is ideal. Book it into your schedule at specific, consistent times each day, week or month – for a steady stream of new clients flowing into your practice!
One more very important point – make sure it’s a real letter sent via the postal service, not email. People are overwhelmed with email these days and may ignore it, but a letter in the mail is a different story. They are more likely to respond if you take the time to send a “real” letter. The fact that you took the time will motivate them to follow up and help promote you to people they know. When done right, the Update Letter Campaign can become one of your most effective client attraction strategies for a very affordable cost.
Remember that these are temporary, short-term tactics and should not be relied upon for long-term growth and success in your business. The idea is to leverage some quick income into more marketing for greater growth.
You will be amazed at how quickly you get referrals and new clients using these simple strategies. It takes some work, but you’ll feel rewarded for your efforts – all the way to the bank!